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Parking meter firms seek global ticket to ride

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Paris (AFP)

The world leaders in the parking meter market, France's Parkeon and Sweden's Cale, said Friday they were entering exclusive talks on a merger to enable them to thrive globally as technology disrupts urban mobility.

By joining their skills they would be able to offer "cities and parking operators all around the world innovative, secure and integrated smart urban mobility services".

More than 5,000 cities in over 70 countries rely on Parkeon and Cale systems for payment solutions and services, they said in a statement.

Ride-hailing technology has already disrupted the taxi industry, but with the introduction of autonomous driving technology the current model of personal car ownership could be undermined in major cities.

Terms of the merger are expected to be agreed by early next year, with Cale's equity expected to be added to that of Parkeon.

The companies had combined sales of 290 million euros ($338 million) in the year that ended in June.

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